Kanger in MoU to explore Bangladesh bamboo venture
PETALING JAYA: Bamboo flooring manufacturer Kanger International Bhd has inked a memorandum of understanding (MoU) with AK Khan Plywood Co Ltd to explore the possibility of doing business in relation to the manufacturing and production of bamboo products and furniture in Bangladesh.
Kanger is principally involved in the trading and manufacturing of bamboo flooring and related products for the residential and commercial markets. Last year, the company diversified its activities to include property investment and management.
Established in 1951, AK Khan Plywood is the pioneer plywood manufacturer in Bangladesh.
In a statement last Friday, Kanger said the parties will form a joint venture (JV) company, to be named AK Kanger Pte Ltd that will focus on the development, production, management and operations of laminated and strand woven bamboo products and/or any other new innovations of bamboo-based products.
Under the MoU, Kanger said the JV company will explore the possibility of establishing a bamboo plantation in Bangladesh as well as aid the distribution, marketing and selling of the manufactured bamboo products through both AK Khan Plywood’s and the company’s global networks.
“We are excited to embark on this complementary venture with AK Khan Plywood as this will enable both sides to leverage on our respective expertise, experience and resources to expand our reach in the global markets,” its executive director Syed Hazrain Jamalullail said.
He added that the venture will enhance the company’s growth prospects in the bamboo products and furniture market and enable it to create further awareness on the environmentally-friendly product and tap into the huge growth potential.
“The business activities that will be carried out by the JV company is expected to be a source of stable recurring revenue to Kanger in the foreseeable future,” he added.